Insurance Sector Life Annuity Fund Portfolio Hits N323bn - NAICOM

In the previous week the National Insurance Commission (NAICOM)
disclosed that the Nigerian Life Annuity Fund Portfolio hit N323bn.

The
figure represented a growth of 17.46 per cent compared to that of 2018 which
was N275 billion.

This was part of a statement issued by Mr Rasaq Salami, Head,
Commissioner for Insurance Directorate of the National Insurance Commission
(NAICOM) in Abuja.

Also speaking on "Retiree Life Annuity" he
said the cumulative RLA payouts within the same period under
focus, stood above N122 billion
as at end of the second quarter of 2019.

Other developments last week included the following:

Cornerstone Insurance Notifies Public On The Sale Of Head Office
Building

Last week, Cornerstone insurance notified the
financial market and other stakeholders of sale of its head office building
situated at Oba Yesufu Road, Victoria Island Lagos.

The property was jointly owned with Capital Alliance
Property Investment Company Limited and FIN Insurance Company Limited.

For further informations, the public is hereby noted
to contact: PAC Solicitors Company Secretary via info@pacsolicitors.com and /or Head, Marketing
and Coriiorate communications Group for Cornerstone Insurance Plc via cekeocha@cornerstone.com.ng

NIA Launches "Wetin U Carry" To Tackle Fake Motor Vehicle
Insurance

The Nigeria Insurers Association at the recent launch of the "Wetin U Carry" campaign acknowledged that about 9.47m insurance vehicles are
missing in the industry database of the country.

It reported that of the 12m vehicles registered in Nigeria, only
2.53m are captured in the Nigerian Insurance Industry Database(NIID).

This means that a
whopping 9.47 million are either without insurance cover or have fake
insurance.

The huge gap, said the NIA, is
mind-boggling and not only robs the industry of its expected revenue but puts
many Nigerian publics on risks of accident, death or other losses without
compensation.

NIA said it would go all out to let Nigerians realize
that the insurance policy in their hands is a valuable asset that should be
cherished, which implies that they get their cover from the right sources.

The Director-General of the NIA Yetunde
Ilori believed the association desires to put
the slogan, "Wetin U Carry", on the lips of everybody. She said the slogan is
not meant to punish motorists for not having insurance, but to enable them
check by themselves whether what they have as insurance is genuine or not.

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